A Private limited is intending to convert into LLP , with same economic interest of share holder and partner . Will there be any capital gain tax in the hands of shareholder upon surrender of shares and getting capital in LLP.
► Read Answer
WHETHER DAIRY INCOME (MILK FROM COW) TAXABLE UNDER INCOME TAX ACT OR EXEMPT UNDER AGRICULTURE INCOME. THE ASSESSEE HAS 100 ACRE OF LAND AND UNDERTAKES AGRICULTURE ACIVITY (GROWING CROPS). THE ASSESSEE ALSO HAS COWS AND SELLS MILK. PLEASE ADVISE ON TAXABILITY OF MILK INCOME WITH SUPPORT OF ANY COURT JUDGEMENT IF ANY.
► Read Answer
sir after mahenderpal's narang case what is the situation of TDS deducted by the income tax department on section 28 of land acquisition act 1894
► Read Answer
If a leasehold land on which building is constructed by self is sold/ transferred for a consideration, will the transaction attract sec 50C.Does the Stamp duty value applies to only freehold land or leasehold land also.
► Read Answer
Dear Sir, My query is as follows: If a search on a person took place on 30.09.2015 Return for assessment year 2014-15 filed on 30.03.2015 Last date for issuing notice under section 143(2) is 30.09.2015 Whether we can say, proceeding for A.Y. 2014-15 is unabated proceedings or not Whether the plea that addition can be made only on the basis of search document can be taken for A.Y. 2014-15
► Read Answer
Good evening sir. The assessee has sold a residential property and has not filed the return of income. On receipt of notice u/s 148, the return was filed and tax was paid. However, during the course of assessment proceedings, the cost of acquisition and development was reduced by the assessing officer and accordingly demand is raised. The assessee has given the sale consideration received as loan to a company, which is in the process of winding up. Hence, the assessee is not in a position to pay the taxes. If the demand is finalised assuming that the assessee loses the…
► Read Answer
SAD Refund was applied 6 to 7 years ago with the Custom Authorities.The said amount was shown as Refund Receivable in the Balance Sheet in the year of payment of SAD custom Duty. However , the same was never offered as income. Now Custom department has rejected the said Refund application and the said amount has been debited to Profit and Loss Account.Whether this amount is allowable in current year in view of Provisions of Section 43-B,Bad Debts and Prior Period Expenses.
► Read Answer
INTEREST ON COMPENSATION RECEIVED FOR LAND ACQUISITION FOR DELAYED PAYMENT/S BY NATIONAL HIGHWAY AUTHORITY OF INDIA LTD WHEHERR TAXABLE IF THE COMPENSATION ITSELF IS EXEMPT UNDER RECLLAR ACT ? PLEASE REFER CHENNAI ITAT JUDGEMENT IN THE CASE OF M/S SV GLOBAL MILL LTD.
► Read Answer
A NAME OF THE COMPANY WAS CHANGED FROM X LTD TO SAY Y LTD. THE SAID CHANGE WAS INTIMATED TO THE AO DURING THE ASSESSMENT PROCEEDINGS. THE AO STILL PASSED THE ASSESSMENT ORDER U/S 143(3) IN THE OLD NAME (I.E X LTD.). DOES THIS ORDER VALID AS ON THE DATE OF PASSING THE ORDER THERE IS NO COMPANY BY X LTD.
► Read Answer
The assessee during the course of assessment proceeding, even after granting sufficient opportunity by AO was not able to furnish confirmation, bank statement and ITR of depositors from whom unsecured loan was obtained. Accordingly the AO made the addition. Now the assessee before the CIT(A) has made available and produced all the documentary evidences (as above) to substantiate the unsecured loan was genuine. On what grounds, legal arguments and judgements, the appellant should raise in order that the CIT(A) admits the additional evidence now.
► Read Answer
Taxability of Capital Gain on Conversion